Intercos S p A : Earning Call 9M 2022

Disclaimer

IMPORTANT NOTICE

This presentations is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.

This presentation might contain certain forward-looking statements that reflect the Company's management current views with respect to future events and financial and operational performance of the Company and its subsidiaries.

These forward-looking statements are based on Intercos current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Intercos to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein which are made only as of the date of this presentation. Intercos does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of Intercos shall not be taken as a representation or indication that such performance, trends or activities continue in the future.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Intercos.

Intercos securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Pietro Oriani, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no.58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records.

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Agenda

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3Q22 Executive Summary

Net Sales

€229.1m

+34% Rep FX

+29% c.FX

Adj. EBITDA		Net Debt
€35.8m		€116.2m
15.6% on Net Sales		1.01x Net Debt to EBITDA Ratio
+35% or +€9.3m vs. 3Q21		-0.88x vs. 30Sep21

Highest Sales and EBITDA Quarter ever

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9M22 and 3Q Results overview

		€m		9M22		9M21			% vs 9M21
		Revenues	597,1	485,4			Rep FX		c FX
			23%			18%
9M22
	Adj. EBITDA	84,4	70,6	20%
		Adj. EBITDA %		14,1%		14,5%
		Net Debt	116,2	180,1
		Net Debt/EBITDA		1,01x		1,89x
		€m		3Q22		3Q21			% vs 3Q21
		Revenues	229,1	170,8			Rep FX			c FX
3Q22		34%			29%
	Adj. EBITDA	35,8	26,5	35%
		Adj. EBITDA %	15,6%	15,5%

• 9M22 Net Sales amounted to €597.1m (+23% at reported FX , and +18% at constant FX), increasing by €111.6m compared to 9M21. In 3Q22, sales growth accelerated materially vs. 3Q21, amounting to €229.1m (+34% at reported FX, and +29% at constant FX). 9M22 sales growth at constant FX was mainly driven by volumes, which further accelerated in Q3.
• 9M22 Adjusted EBITDA was equal to €84.4m (+20% vs. 9M21), growing by €13.8m vs. last year. 3Q22 profitability increased by 10Bps vs. 3Q21 and by 240Bps vs. 1H22.
• 30Sep22 Net Debt stood at €116.2m, reflecting €63.9m improvement vs. 30Sep21 (including IPO net proceeds of €37.5m). Leverage ratio (Net Debt on LTM EBITDA) reached the level of 1x, thanks to both 9M22 cash generation and continuous EBITDA growth.

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